Rupee Closes Weaker Against Dollar Amid Strong US Employment
The local currency closed 13 paise weaker at 83.51 against the greenback.
The rupee closed weaker against the dollar on Monday amid robust US employment data and stable oil prices.
The local currency closed 13 paise weaker at 83.51 against the greenback. It opened 11 paise weaker at 83.49 against the dollar, according to Bloomberg data. The rupee had closed at 83.38 on Friday.
The dollar index appreciated to 105.29 and previously closed at 104.89. US 10-year yields rose to 4.4530%.
"The surge suggests sustained momentum in the labour market. Expectation could now be that FED stays on hold for now and cuts possibly in December-24," Anil Kumar Bhansali, the Head of Treasury and Executive Director of Finrex Treasury Advisors LLP, said.
Brent oil prices were stable at $ 79.72 after three weeks of losses.
"US average hourly earnings and non-farm employment change showed strength, rising to 0.4% and 272,000, respectively," Amit Pabari, managing director of CR Forex Advisors, said.
"For USDINR, 83.40 acts as a support, while 83.60 a resistance," Kunal Sodhani, vice president at Shinhan Bank, said.
